9911796707
TMI Blog2020 (10) TMI 308X X X X Extracts X X X X X X X X Extracts X X X X ..... . : 1. By the above Writ Petition, the Petitioner has impugned the letter of acceptance dated 20th May, 2020 and the impugned Work Order dated 20th May, 2020 issued in favour of Respondent No. 6 by Navi Mumbai Municipal Corporation (NMMC). 2. Admittedly, Bank of India fled a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2018 (IBC) against the Corporate Debtor i.e. the Petitioner - Mahavir Roads and Infrastructure Private Limited to initiate corporate insolvency resolution process against the corporate debtor / Petitioner. The amount claimed to be in default as on 11th June, 2018 is Rs. 1,95,18,66,910,55/- plus interest with efect from 8th June, 2018. The said Company Petition was admitted on 21st February, 2019 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olution Professional had on 12th March, 2019 inter alia informed the Petitioner herein that as per Section 17 of the IBC, upon appointment of the Interim Resolution Professional, the powers of the Directors of the Company stands suspended and such powers are to be exercised by the Interim Resolution Professional. The Directors were also advised to inform the details of all the bank accounts maintained by the Company and that no debit in any of the account should be allowed without the approval of the Interim Resolution Professional. 6. When the above Writ Petition was being heard, it was pointed out by the Advocates for the Municipal Corporation as well as the Respondent No. 6 that nothing stated by the Directors of the Petitioner can be a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etitioner have siphoned away huge amounts in the aforestated manner. 7. Today, Mr.Ankur Kumar - Interim Resolution Professional, is present before us. We inquired from him whether he has called upon the suspended Directors of the Company to bring back the funds so siphoned and whether he has informed NCLT / NCALT about the aforestated fraudulent conduct of the Petitioner. Mr.Ankur Kumar has submitted that though he has not written any such letter, he has informed the ofcials of Bank of India about the aforestated conduct of the suspended Directors of the Petitioner and that no action is taken against the suspended Directors, since the amount so transferred is paid to the vendors of the Company. We are shocked with this answer since the Int ..... X X X X Extracts X X X X X X X X Extracts X X X X
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